. >> fed chairman ben bernanke announced yesterday that the fed would continue a low interest- rate policy and $40 billion per month in quantitative easing. he also noted the fed's decision to purchase longer-term treasuries. he made the announcement at a news conference following a meeting of the federal open market committee, and this is an hour and 15 minutes. >> good afternoon. 3 and 1/2 years since the economic recovery began. the economy continues to expand at a moderate pace. unfortunately, unemployment remains high. about 5 million people, more than 40% of the unemployed, have been without a job six months or more and millions more who say they would like full-time work have been able to find part-time employment or have stopped looking entirely. the conditions now prevailing in the job market represents an enormous waste of human and economic potential. a return to broadbased prosperity will require staged improvements in the job market, which in turn require stronger economic growth. meanwhile, apart from temper fluctuations largely reflected swings in and prices, inflation appea